Bloomberg

Bloomberg | Quint is a multiplatform, Indian business and financial news company. We combine Bloomberg’s global leadership in business and financial news and data, with Quintillion Media’s deep expertise in the Indian market and digital news delivery, to provide high quality business news, insights and trends for India’s sophisticated audiences.

Stocks To Watch: Dr. Reddy’s, Eicher Motors, Tata Steel, Lupin

Asian stocks began the week on a cautious note as doubts on the possibility for progress ahead of a potentially pivotal week for U.S.-China trade talks crept back into markets.

Shares in Sydney edged lower, while Korean stocks were little changed. Futures indicated a lower start for equities in Hong Kong. Chinese exchanges reopen after a one-week holiday during which a gauge of the country’s firms traded in Hong Kong fell. Japan is shut for a holiday, so Treasuries won’t trade until the London open.

The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, fell 0.34 percent to 10,910.50 as of 7:30 a.m.

Here Are The Stocks To Watch Out For In Today’s Trade

Dr. Reddy’s Laboratories: Received a Form 483 with 11 observations from the U.S. FDA after the inspection of Formulations Manufacturing Plant in Hyderabad. The company said that it will address the above issue comprehensively within the stipulated time.

Bharti Airtel’s Kenya arm signed an agreement with Telkom Kenya to combine operations and will be called ‘Airtel-Telkom’. Both companies will merge their mobile, enterprise and carrier services. The company says that finalisation and closure of the transaction is subject to approval by the relevant authorities.

Reliance ADAG Group: Edelweiss Financial Services and L&T Finance said that all actions taken on the Reliance ADAG Group share are legal. The financial services companies stated that they had granted credit facilities against pledge of shares to Reliance ADAG Group. Despite reaching out numerous times to the Anil Ambani led Group to address concerns on shortfall in margin. Not only did the group fail to address the concerns raised by by Edelweiss Group and L&T Finance but also there was a breach of contractual obligations. On Feb. 4, Edelweiss Group liquidated its collaterals as per the agreed terms, while L&T Finance enforced its rights of invocation and sold pledged shares to the extent of its outstanding dues by following the due process of contract and law.

State Bank of India reduced its interest rates on home loans up to Rs 30 lakh by 5 basis points. Rajnish Kumar, Chairman, SBI said, “As the nation’s largest lender, we have always kept customer interests at the centre. SBI has the highest market share of the home loans market and it is only appropriate that we empower the large lower and middle class segment by transmitting the rate cut announced by the RBI”.

Reliance Industries: Reliance Brands increased its stake in Future 101 Design to 15 percent for Rs 2 crore. The company also stated that its arm Reliance Retail Ventures increased its stake in Genesis Colours to 29.07 percent for Rs 45 crore.

Prakash Industries said that it has modernised its Rolling Mill in Chattisgarh to improve the production of wire rods. The company also stated that it is on schedule to complete its Sponge Iron Kiln by March 2019, thereby adding sponge iron production capacity of 2 lakh tonnes per annum along with waste heat power co-generation. Lastly the company has also raised its product prices by over Rs 3,000 per tonne due to rising global steel prices.

Allahabad Bank, Punjab National Bank, Corporation Bank: RBI Imposed a penalty of Rs 1.5 crore on Allahabad Bank and Rs 1 crore on Punjab National Bank due to regulation issues. The central bank also levied a penalty of Rs 2 crore on Corporation Bank due to lapses in monitoring of end use of funds and exchange of information with other banks.

EID Parry: The company released its sales data for January with sugar sales at 0.24 MT and export sugar sales at 0.19 MT. That’s with recovery at 10.97 percent and power export of 284 lakh units. The company also stated that around 7.94 lakh MT of sugarcane was crushed for the afore-mentioned period, while 57 lakh liters of alcohol was sold.

KIOCL’s board approved shareholders agreement between and Rashtriya Ispat Nigam Ltd. for setting up of a 2 MTPA capacity pellet plant on joint venture basis at RINL’s premises in Vishakapatnam.

Balkrishna Industries expects the first phase of Carbon Black’s 60,000 MTPA facility will be commissioned by the end of March quarter.

KEC International has completed its entire stake sale in ‘KEC Bikaner Sikar Transmission’ to Adani Transmission, after obtaining regulatory approvals.

KRBL: Board approved to challenge the demand order given by the IT Department. The demand order is for Rs 1,296 crore pertaining assessment proceeding from 2010 to 2017. The company will appeal this matter to the appellate authorities.

Adani Transmission completed acquisition of KEC International’s project for Rs 228 crore. With the completion of this acquisition, the cumulative network of ATL will reach around 13,450 ckt km, out of which around 10,355 ckt km are under operation and the balance 3,095 ckt km, are under various stages of construction. With this scale of operations, ATL will enjoy substantial benefits in terms of cost optimisation, shared resources and will fortify its position of being the largest private sector transmission company in the country.

Cipla said that its subsidiary InvaGen Pharmaceuticals Inc has completed the first tranche of 33.3 percent stake buy in U.S.-based speciality business firm Avenue Therapeutics.

Lupin received two observations from the U.S. FDA after the inspection of Goa manufacturing facility. The company said that both the observations are procedural in nature and the company is confident of addressing them confidently.

Time Technoplast said Aburi Ltd., U.K. had withdrawn the complaint filed against the company with Economic Offences Wing of Mumbai Police and has resumed business ties.

IndusInd Bank to raise funds via debt on Feb 13.

Voltas to invest over Rs 500 crore in setting up a manufacturing facility in South India. The company plans to expand the capacity of Pantnagar plant and start the construction of new manufacturing facility spread over 65 acres in Tirupati.

Engineers India to provide project management consultancy services to Mongol Refinery for setting up of an oil refinery in Mongolia.

IDFC to sell stake in IDFC Securities to TCG in one or more tranches over a period of time. Yet to sign definitive agreement.